Bloomberg: Russians are downsizing in Cyprus

Over the past few years Cyprus has embarked on a campaign to convince international partners that financial rules and regulations on the island have aligned with European best practices.

According to Bloomberg results are at hand as new Cypriot anti-money laundering regulations together with the effects of US sanctions against Russia and its high-profile businessmen are driving money away from Cyprus.

"Russians are downsizing in Cyprus," said Kyriakos Iordanou, general manager of the Institute of Certified Public Accountants of Cyprus.

The value of bank accounts at Cypriot banks held by foreign nationals from outside the euro area fell to 7.1 billion euros at the end of November, according to the Central Bank of Cyprus. That's down from 21.5 billion euros at the end of 2012.

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